Last Updated on August 15, 2023
Acceptance & Definitions
These Terms and Conditions (“Terms”) constitute a legally binding agreement between you (the “User” or “Borrower”) and Monk Capital Pvt. Ltd. (the “Company”, “we”, “our”, “us”), a Reserve Bank of India registered NBFC (Regn. No. N-09.00457), governing your access to and use of the Feemonk mobile application and website (collectively, the “Platform”).
By accessing the Platform, registering an account, or applying for/availing any loan or service offered through the Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, and the terms of any applicable Key Facts Statement (KFS) and Loan Agreement executed with the Company and/or its co-lending partners.
If you do not agree to these Terms, please discontinue use of the Platform immediately.
Definitions
For the purposes of these Terms:
· “Platform” means the Feemonk, website, and all related portals owned and operated by Monk Capital Pvt. Ltd.
· “Loan” means any credit facility or financial product offered by the Company (either directly or jointly with co-lending partners) to Users via the Platform.
· “KFS” (Key Facts Statement) means the loan disclosure document provided to Users before disbursal, containing APR, charges, repayment schedule, and foreclosure/penalty details, as mandated by RBI.
· “Loan Agreement” means the legally binding agreement executed between the User and the Company (and/or its co-lending partners, where applicable) governing a specific Loan.
· “Co-Lending Partner” means any RBI-regulated financial institution with which the Company may jointly originate loans.
· “Privacy Policy” means the Company’s policy describing the manner of collection, use, storage, and disclosure of User data, available on the Platform.
· “User”, “you”, “your” refers to any natural person accessing the Platform, creating an account, or availing a Loan or related service.
These Terms are an electronic record generated under the Information Technology Act, 2000, and the applicable rules, and do not require any physical or digital signatures.
Scope of Services
The Platform allows you to apply for and manage loan products offered by Monk Capital Pvt. Ltd. either directly or jointly with its co-lending partners. By using the Platform, you understand and agree that:
Loan Application & Disbursal
o You may use the Platform to submit information, documents, and consents required for assessing your loan eligibility.
o All loan applications are subject to underwriting, credit bureau checks, KYC verification, and other assessments carried out by the Company and/or its co-lending partners.
o Disbursal of any loan is at the sole discretion of the Company (and co-lending partners, where applicable) and is governed by the KFS and Loan Agreement executed with you.
o Funds may be disbursed either to your verified bank account or directly to the educational institution/service provider, as per the loan product structure.
Digital Services
o The Platform provides facilities to:
§ upload KYC/financial documents;
§ view your sanctioned loan, repayment schedule, and outstanding balance;
§ set up auto-debit mandates (e-NACH/UPI);
§ make EMI or other payments through supported payment gateways; and
§ raise service requests and access customer support.
No Guarantee of Loan
o Access to the Platform or completion of the loan application process does not guarantee sanction or disbursal of any loan.
o The Company reserves the right to reject or modify loan applications at its sole discretion, without assigning reasons, subject to applicable law.
Other Services
o The Company may provide value-added services such as account statements, reminders, and financial literacy content for your convenience.
o These services are ancillary in nature and do not alter your rights and obligations under the Loan Agreement.
Updates & Modifications
o The Company may add, modify, or discontinue any service or feature of the Platform at any time, subject to applicable regulations.
Eligibility & Onboarding
To apply for a Loan on the Platform, you must:
· Residency: Be a resident of India with valid proof of identity and address.
· Age: Be at least 18 years old (or higher, if specified in product-specific criteria).
· Income & Employment: Meet the minimum income and employment requirements as determined by the Company for the specific loan product.
· KYC & Documentation: Complete Know-Your-Customer (KYC) verification and provide accurate information/documents (such as PAN, Aadhaar, income proof, bank statements).
· Credit Assessment: Consent to the Company accessing your credit bureau records, banking data (including via Account Aggregator, if you opt-in), and any other sources for underwriting purposes.
The Company may accept or reject any application at its sole discretion. False, incomplete, or misleading information will result in rejection, suspension, or recall of the Loan and may be reported to credit bureaus or regulators.
Loan Recall & Events of Default
The Company may recall the Loan in full or accelerate repayment obligations upon the occurrence of any of the following (“Events of Default”):
Payment Default: Failure to pay any EMI, fee, or charge on its due date.
Breach of Agreement: Violation of these Terms, the Loan Agreement, or any representations made by you.
Misrepresentation: Submission of false, misleading, forged, or incomplete information/documents during application or loan tenure.
Adverse Credit Events: Deterioration in your credit profile, insolvency, bankruptcy proceedings, or material adverse change in financial condition.
Regulatory/Legal Requirement: Any legal, judicial, or regulatory directive requiring the Company to recall or freeze the Loan.
On recall:
· The Company may present your registered auto-debit mandates (e-NACH/UPI) for the full outstanding dues.
· You remain liable for the entire outstanding principal, interest, charges, and applicable penalties as per the Loan Agreement.
· The Company may report your status to credit bureaus and initiate recovery actions as permitted under law.
Loan Recall & Events of Default
· All content, design, logos, trademarks, graphics, software, user interfaces, and data available on the Platform (“Content”) are the exclusive property of Monk Capital Pvt. Ltd. or its licensors.
· You are granted a limited, non-transferable, revocable license to access and use the Platform for personal, lawful purposes only.
· You shall not copy, reproduce, modify, reverse-engineer, distribute, or commercially exploit the Platform or its Content without prior written consent from the Company.
· Unauthorized use of the Platform may result in termination of access and legal action.
Indemnity
You agree to indemnify, defend, and hold harmless Monk Capital Pvt. Ltd., its directors, employees, agents, and co-lending partners from and against any losses, liabilities, claims, damages, costs, or expenses (including legal fees) arising out of or related to:
Your breach of these Terms, the Loan Agreement, or applicable law.
Your misuse of the Platform, Loan, or services.
Any misrepresentation, fraud, or default by you in connection with the Loan.
Violation of third-party rights, including intellectual property or data privacy rights.
This indemnity obligation survives the termination of these Terms and your Loan Agreement.
Force Majeure
The Company shall not be held liable for any delay, failure, or interruption in performance of its obligations (including loan disbursal, collection, or Platform access) arising from circumstances beyond its reasonable control, including but not limited to:
· acts of God, natural disasters, floods, earthquakes, or pandemics;
· war, riots, strikes, lockouts, or industrial disturbances;
· failures of telecommunications, internet, or power supply;
· government restrictions, regulatory directives, or court orders.
In such cases, obligations shall be suspended for the duration of the event, and the Company will make reasonable efforts to resume services at the earliest.
Governing Law & Jurisdiction
These Terms, the Loan Agreement, and all transactions carried out on or through the Platform shall be governed by and construed in accordance with the laws of India.
You agree that any disputes, claims, or proceedings arising out of or relating to these Terms, the Loan Agreement, or your use of the Platform shall be subject to the exclusive jurisdiction of the competent courts at Hyderabad, Telangana, unless otherwise specified in the Loan Agreement.
Nothing in this clause shall prevent the Company from initiating proceedings in any other court of competent jurisdiction, if required, for enforcement of its rights (including recovery of outstanding dues).
Privacy & Data Sharing
Collection of Information
o By using the Platform, you consent to the Company collecting, storing, and processing your personal information, including but not limited to your name, contact details, PAN, Aadhaar (as permitted by law), financial data, credit bureau records, employment details, bank statements, and other documents required for KYC and credit assessment.
Use of Information
o Your information will be used for:
§ evaluating your loan application and determining eligibility;
§ verifying identity and completing KYC requirements;
§ reporting to and obtaining data from Credit Information Companies (CICs) as mandated by RBI;
§ setting up mandates, facilitating payments, and maintaining your loan account;
§ contacting you regarding your Loan, repayment reminders, and regulatory disclosures;
§ compliance with applicable laws and regulatory directions.Sharing of Information
o The Company may share your information with:
§ Co-lending partners, service providers, payment gateways, Account Aggregators, e-sign providers, and collection agencies, strictly for the purpose of providing services under these Terms.
§ Regulators, law enforcement, and statutory bodies where required under applicable law.
o Such third parties are bound by confidentiality and data security obligations.Privacy Policy
o Detailed practices on how we collect, use, and safeguard your data are provided in our Privacy Policy, available on the Platform. By agreeing to these Terms, you also agree to the Privacy Policy.User Obligations
o You must ensure that the information provided is true, complete, and updated. Any misrepresentation may lead to rejection of your application or recall of your Loan.oIf you withdraw consent for processing of mandatory data required for providing the Loan, the Company reserves the right to suspend or terminate services.
Privacy & Data Sharing
Suspension of Platform Access
o The Company may, at its sole discretion, suspend or restrict your access to the Platform (in whole or in part) without prior notice if:
§ you breach these Terms, the Loan Agreement, or any applicable law;
§ you provide false, incomplete, or misleading information;
§ your conduct poses a risk to the security, integrity, or functionality of the Platform; or
§ required by law, regulation, or any competent authority.
Termination of Services
o The Company may terminate your access to the Platform and/or any services offered if:
§ you default on repayment obligations under a Loan;
§ you misuse the Platform or engage in fraudulent, illegal, or abusive activity; or
§ the Company ceases to provide services through the Platform for business or regulatory reasons.Effect of Termination
o Termination or suspension of access to the Platform does not release you from your obligations under any existing Loan Agreement. All amounts due (including principal, interest, fees, and charges) shall remain payable in accordance with the terms of the Loan Agreement.Survival
o Provisions relating to intellectual property, indemnity, limitation of liability, governing law, and other clauses intended to survive termination shall continue to remain in force even after termination or suspension.
Disclaimer & Limitation of Liability
No Warranty
o The Platform and all services provided therein are offered on an “as is” and “as available” basis. The Company does not make any warranties, express or implied, regarding the accuracy, reliability, suitability, availability, or uninterrupted access to the Platform or the services.
o The Company expressly disclaims all warranties of merchantability, fitness for a particular purpose, or non-infringement to the fullest extent permitted by law.
Exclusion of Liability
o To the maximum extent permitted by applicable law, the Company shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages (including, without limitation, loss of profits, loss of data, business interruption, or reputational loss) arising out of or in connection with:
§ your use of, or inability to use, the Platform or services;
§ delays, errors, defects, interruptions, failures of performance, or unauthorized access to your data;
§ any malware, viruses, or harmful components transmitted through the Platform or linked third-party services;
§ reliance on any information, content, or materials available on the Platform.Limitation of Liability
o Notwithstanding anything to the contrary, the Company’s aggregate liability to you (whether in contract, tort, negligence, or otherwise) shall not exceed the fees, if any, paid by you to the Company in connection with the specific service giving rise to the claim.Third-Party Links & Services
o The Platform may contain links to external websites or third-party services. The Company does not endorse or assume responsibility for the availability, content, or practices of such third-party sites or services. Your use of third-party services is at your own risk.
Assignment of Rights
Company’s Right to Assign
o The Company reserves the right to assign, transfer, or securitize any or all of its rights, interests, or obligations under these Terms or any Loan Agreement, in whole or in part, to any third party, including but not limited to co-lending partners, banks, financial institutions, securitization trusts, or asset reconstruction companies, without requiring your prior consent.
Borrower’s Restriction
o You may not assign, transfer, or delegate any of your rights or obligations under these Terms or any Loan Agreement to any third party without the prior written consent of the Company.Binding Effect
o Any permitted assignment or transfer shall be binding on, and inure to the benefit of, the successors, transferees, and assigns of the parties.
Grievance Redressal
Customer Support
For queries, complaints, or service requests, you may reach us at:
Email: support[at]monkcapital[dot]in
Phone: +91 [91008-20555]
Grievance Redressal Officer (GRO)
In compliance with RBI guidelines, the Company has appointed a Grievance Redressal Officer. The details are as follows:
Name: [Insert GRO Full Name]
Designation: Grievance Redressal Officer
Email: gro[at]monkcapital[dot]in
Phone: +91 [63091 - 48333]
Address: Monk Capital Pvt. Ltd, The Platina, B-406, Sy No. 132, 134, H. No. 4-50/1, Gachibowli, Telangana, 500032.Resolution Timeline
Complaints will be acknowledged within 48 hours and resolved within 30 days of receipt, subject to the nature of the complaint.Escalation to RBI Ombudsman
If your complaint is not resolved within 30 days or you are dissatisfied with the resolution, you may escalate the matter to the Reserve Bank – Integrated Ombudsman Scheme, 2021 at https://cms.rbi.org.in.
